Assignment • Actuarial Forums

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February 19, 2019 at 6:14 am #23280
Rishabh Surana
Moderator
According to Section 38 of the Insurance Act 1938 , you can assign your policy to an individual or a financial institution provided there is an insurable interest between you and such individual/ financial institution.You can assign your policy to take a loan against it, as a security or in order to gift it to someone .

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February 19, 2019 at 6:56 am #24502
Arpit Surana
Participant
~~RISHABH wrote:~~

According to Section 38 of the Insurance Act 1938 , you can assign your policy to an individual or a financial institution provided there is an insurable interest between you and such individual/ financial institution.You can assign your policy to take a loan against it, as a security or in order to gift it to someone .

Sent from my SM-A605G using Actuarial Info mobile app

Is it in General Insurance or life or both?
February 19, 2019 at 7:52 am #24503
Rishabh Surana
Moderator
~~arpit wrote:~~

~~RISHABH wrote:~~

According to Section 38 of the Insurance Act 1938 , you can assign your policy to an individual or a financial institution provided there is an insurable interest between you and such individual/ financial institution.You can assign your policy to take a loan against it, as a security or in order to gift it to someone .

Sent from my SM-A605G using Actuarial Info mobile app

Is it in General Insurance or life or both?

It is generally not present in pension products ; apart from these it is present in both life as well as general insurance products . However , if assignment option is available then it need to be specified in policy document.

Sent from my SM-A605G using Actuarial Info mobile app
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